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Berachain Response to Redemption Doubts: HONEY Fully Backed by Paypal USD, Future Streamlining of Process
2025-05-19 22:05
BlockBeats News, May 19th, Berachain responded to the earlier question regarding the "HONEY long-term inability to redeem for USDC," stating that HONEY is 100% collateralized. Currently, the primary collateral is BYUSD (bridged Paypal USD). If users wish to redeem, they can choose to bridge to Ethereum and exchange in the Curve pool, or send directly to Coinbase, OKX, Bybit, Crypto.com, or Kraken for cashout.
The team will strive to streamline this process on Berachain in the future, but before achieving that, "we will focus on proactive communication. If anyone needs assistance, please feel free to contact me or our team via direct message at any time."
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2025-05-20
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